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Bridge Loans in Bennington, Vermont
There are 27 lenders operating in Bennington, VT. Note amounts average about $322,143. The average rate for private loans in Bennington is 10.4%. The median note issued in this city has a term of 25 months. The average hard money loan issued in this city includes a 2.0 point origination fee. Lenders typically offer a 69% loan-to-value (LTV) on deals in Bennington.
Loan Example 1
Ron closes on a $300,000 rehab project in Bennington, VT, using a bridge loan from Credence Finance. The lender agrees to write a note with a 85% loan to value (LTV) so they are willing to loan $255,000 on the property. The deal also has these features: 1) a 6 month length, 2) a 10% interest only note, and 3) a three percent origination fee.
On top of the $7,650 origination fee, Ron will also have to fund $45,000 of the purchase with his own money, or 15% of the purchase price. After the deal closes, he will need to pay Credence Finance $2,125 in monthly interest payments, or 10% times $255,000 divided by 12 months in the year. If Ron sells the remodeled house for $450,000 at the end of the 6 month term, his total profit (not including rehab costs) would be $129,600. This is computed by taking the purchase price ($450,000) and subtracting the original note amount ($255,000), the origination cost ($7,650), the cash he brought to closing ($45,000), and the total interest payments ($12,750).
Loan Example 2
Fred is a an investor in Bennington, VT. He locates a run-down house for a rehab project and takes a hard money bridge loan from Ocean View Lending Group with the following features:
$270,000 sales price
60% loan to value (LTV)
12 month term
8% interest rate
5% origination fee
If Fred accomplishes his goal of a $378,000 sales price, the numbers of the deal would be the following:
$378,000 sales price
- $162,000 principle on note (60% LTV)
- $108,000 cash paid at closing (40% on 60% LTV)
- $8,100 origination points (5% of the $162,000 principle)
- $12,960 total interest paid (12 months x 8% interest)
-----------------------
= $86,940 gross profit (does not include taxes or rehab costs)
Offering Fix and Flip, Bridge, and DSCR loans. With same day approvals, 3-5 day close time, and lending in 47 states, Park Place Finance will get your next deal funded fast!
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